Corporation Tax Act 2009 section 1218ZCE

Claim for additional deduction

Section 1218ZCE sets out how a company that qualifies for museums and galleries exhibition tax relief may claim an additional deduction against its exhibition trade profits.

• A qualifying company may claim an additional deduction in relation to the production of an exhibition, made with respect to a specific accounting period
• The additional deduction is calculated in accordance with section 1218ZCF and is applied when working out the profit or loss of the separate exhibition trade
• If the claim is made in a tax return for a later accounting period than the one in which the separate exhibition trade began, the company must amend its earlier tax returns as necessary
• Any amendments or assessments needed to correct earlier periods may be made even if the normal time limits for making such changes have expired